Sure-Fire Ways to Manage Your Business Growth
Every business has a potential for growth. With the right business model and marketing strategy, your business will experience growth. So, business growth may not be your challenge right now, but how to manage it. How do you prepare yourself to handle business growth?
The paradox is that coaches get excited about growth. But, most of them can’t handle growth. The reason for this is a lack of strategy to manage business growth.
Business growth comes with its benefits, as well as peculiar challenges. As your business grows, the demand it places on you increases. You have an increased client base to deal with, and increased financial obligations. The need to move from solopreneurship to a multi-million dollar coaching business arises.
To be able to manage business growth, here are four strategies to apply.
1. Have a Detailed Growth Plan.
Planning is everything. Whether you are starting out in business or taking the growth path, you must plan.
The plan you made at start-up can only carry you a little distance. When your business begins to expand, you need to review your business plan. This is to enable you keep your business on track and sustain its growth.
Many businesses have closed shop because they experienced unplanned growth. In 2015, Inc Magazine carried out a study that identified a startling occurrence. The study focused on businesses that made their list of 5,000 fastest growing businesses. Two-third of these businesses failed after five to eight years of making the list. According to Jessie Hagen of U.S. Bank, 78% of businesses fail for lack of a detailed growth plan.
With a detailed growth plan, you can track the progress of your business. During the planning, you take note of the steps and processes that got you to where you are. If you made any mistakes that delayed the growth process, you will easily identify it. This in turn makes the future of your business predictable.
A detailed plan gives you direction and focus. You know exactly where your business is going. The confusions and fire-fighting approaches reduce when there is a detailed growth plan.
2. Build a World-Class Team
When your business begins to grow, the responsibilities also pile up. You have clients to serve, and a business to run. There’s a stage you get to in business, you can’t afford to do solo anymore. You need to build a team to help you as your business grows.
If you have a great team, you will stay ahead of your growth curve. This is because your team will help you manage the distractions. This way, you can focus on opportunities for more growth.
For most coaches, the ideal thing is to hire virtual assistants. Virtual assistants come in handy. They take care of the remote operations of your business – admin stuff.
It’s easy to say you need a virtual assistant. But, you need be sure of the tasks they will undertake. It’s possible to pay a VA tons of money, and efficient work isn’t done. This happens when there is no clear definition of tasks.
For instance, you hired a VA to help you with sending emails. The job description goes: “you are in charge of sending emails”. Without details, you are in for surprises.
There should be details like the frequency of emails. The VA should know when to send particular emails to particular sets of people. You’re not supposed to leave out any bit of detail that will boost efficiency.
Bottom line is this: The reason you need a team is to sustain your growth. Also, you need to relieve yourself of some responsibilities. This is not about answering an employer of labor – crowding your business with employees. This is about building a team that can help you sustain and achieve more growth.
Learn how to delegate wisely and focus entirely on your strengths. This will help you focus on working on your business instead of working in your business.
3. Automate Repetitive Tasks
Having a VA on board is great. But there are tasks you should automate. For every successful and growing business, automation is important. By having most of your repetitive tasks automated, you have time to focus on bigger tasks.
Automation of processes increases efficiency and productivity. It also ensures accuracy of data. As human beings, we are prone to errors. But with automation, there’s no need to worry about errors. You can rest assured that every data needed for your business is accurate and in sync.
As great as automation sounds, not every task needs it. But, there is no one-size-fit-all approach here. Every growing business should know tasks that need automation.
From my experience, some basic tasks that need automation are:
- Book Keeping Operations
The numbers are important. This is the first step to building a successful coaching business. But, keeping track of your numbers can be hard when done manually. You don’t want to get the figures wrong.
Automating this operation, helps you manage your finances without the ambiguous spreadsheets. You spend less time joggling with numbers, and more time on business growth.
Quick Books is a book keeping automation that takes care of your accounting operations – payments, receipts and any other financial transaction. It saves the data on the cloud so you can access it from anywhere.
- Calendar Management
As your business grows, the time you spend serving your clients grows with it. You now have tighter schedules than you had when you started out. This is a challenge for most coaches. They go back and forth with clients on when to address their concerns.
The solution to this is to have a calendar management system in place. You can automate your schedule and share it with your clients. This will help your clients know when to reach out to you. You don’t have to exchange email correspondences back and forth in order to schedule an appointment.
To automate your calendar management system, you can use Calendarly or Schedule Once (now known as Once Hub).
- Marketing Processes
As your business grows, your marketing strategies align to meet the need of the business. At this point, you have built an efficient marketing system that brings in steady flow of clients. It is only wise that you automate it.
The marketing system does bulk of the work – lead generation and nurturing. This is where 90% of the lead conversion happens, according to a Forrester Research. So, it needs some automation.
Your marketing automation should have limits though. As a matter of fact, in our business, we automate just 50 – 60% of our marketing. You should do the same in your business. The rest should be controlled manually by you or your marketing team.
- Email List
Every business knows the importance of an email list. The more your business grows, the bigger your email list gets and the more your business relies on it. But, an email list isn’t enough. You need to engage your growing audience.
You need to automate your email marketing campaigns using an automation software program. There are some good ones out there, but in our business we use Kartra.
4. Build Strategic Partnerships
Every growing business needs strategic partnership to scale. The partners are non-competing business. Yet, they have access to your ideal clients. They provide referrals for your business.
These partnerships provide the most inexpensive way of getting coaching clients. The leads come very warm and ready to convert. This is because you have the endorsement of someone or a business they trust.
As rewarding as this may be, it needs time and work. It takes a great deal of trust for someone to refer their clients to you. They know that if something goes wrong, their reputation is on the line.
There are ways to build strategic partnerships.
- First, make sure that the partnership is not with a competing business, rather a complementary business. But, the business must have access to the kind of clients that fit your coaching program.
- Secondly, set up a special discount for people coming specifically from your partners. If a discount isn’t possible, give them exclusive bonuses as an incentive.
- You also have to figure out a way for your partners to have direct benefit in the partnership. You can agree on a certain percentage of the coaching fee that your partners get. You can also work out a strategy to promote each other’s services. Bottom line, the partnership must benefit both parties.
Scaling your business shouldn’t be a daunting task…
However, this is not a walk in the park either. There’s no limit to how far you can grow your coaching business. You can go from 5-figures to 6, and then 7-figures. If you are ambitious, you can exceed that threshold. All you need is to follow these strategies, and you are off to the sky.
A great plan is everything. Without it, your business growth can be your undoing. A business that does not manage its growth will hit rock-bottom. So apply these strategies and watch your business experience massive growth.
If you need help implementing these strategies in your business, it’s easy. There’s a business strategist on our team available to help you see where you can implement these strategies in your business.
Click here or use the button below to schedule a breakthrough call.